Unlike car and home insurance, business insurance is composed of a number of different insurance policies to cater for the unique risks associated with each type of business’s risks. Just as engineering insurance caters for risks associated with engineering, office insurance caters for those insurable perils associated with running an office. A typical office insurance policy should include the following types of business insurance.
Office insurance for contents
For office equipment (which may be under a separate office equipment insurance policy), internal fixtures and fittings, and glass, an office contents insurance policy is needed. These are protected not only from theft, but accidental damage resulting from catastrophes (including floods and earthquakes). Even if you are not the owner of the office (that is, if you rent your office space), you will need an office contents insurance policy to protect your office equipment. The building owner will cover glass and fixtures as it is his or her responsibility to maintain, but not your office contents.
Office insurance for buildings
Only if you own the building should you consider business buildings insurance. This functions like home insurance in that it covers the physical structure and any outbuildings attached to the property such as driveways, parking structures or carports. These are covered for damage (both accidental, natural and malicious). If you are renting your office space, it is the building owner who is responsible for building insurance.
Office insurance for liability
If you employ staff, you should have employers liability insurance. This protects you from any claims made by your employees against the company (except for unfair dismissal). Should an employee be injured on the property, or claim damages from you, the employer, an employers liability insurance policy will cover the legal fees and proceedings (if you are not guilty of the damages).
A public liability insurance policy is also a good idea if you have clients visiting your premises. This protects your business from any claims made against your company by the public or third parties. If a member of the public (that is, someone not employed by your company) is injured or suffers damages at your offices, then the legal proceedings and damages are covered.
Office insurance for all risks
For equipment and valuables that frequently leave the premises, an All Risk office insurance policy will cover them in transit and other locations. If your employees are using office laptops at home, for example, then you will need an All Risks insurance policy. If your employees are using their laptops at work, they need an All Risks insurance policy.
